Niche Selling Can Make You Rich
Niche selling refers to focusing on selling wholesale products to a very targeted market.
The reason why niche selling can make you rich, although there are certainly no guarantees in life, is because by focusing on a niche you:
1. Stand out from the competition.
2. Develop a loyal customer base.
3. Capture a market segment that might be overlooked by larger competitors.
4. Find a segment of the market that might lack substantial competition, allowing you to work on favorable margins.
The key to succeeding in niche selling is to find a hungry segment of the market, find the wholesale products that the market actually needs and wants, offer the products at a fair price, and build repeat customers in the niche segment.
How do you find a niche market?
Well you can start out by examining your own needs and wants, then focus on a very narrow segment of those needs and wants, and look to see if that segment is being overlooked by other retailers. You need to make sure that there are enough people with the same needs and wants as to constitute a profitable market. If the answer is yes, you have just found yourself a potentially profitable niche.